CprMay 1, 2023
Steven T. Dennis
Now ~$36 billion.
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RT @steventdennis
In Desk 88, Sherrod Brown's book about progressives who sat at his desk before him, he warned Trump-era deregulation of midsized banks "will result in a much higher chance of economic disaster, meaning more exposure for taxpayers."
The banking crisis has cost FDIC ~$23B so far.
https://twitter.com/StevenTDennis/status/1652057130231291904
Steven Dennis on Twitter

“In Desk 88, Sherrod Brown's book about progressives who sat at his desk before him, he warned Trump-era deregulation of midsized banks "will result in a much higher chance of economic disaster, meaning more exposure for taxpayers." The banking crisis has cost FDIC ~$23B so far.”

Twitter
May 1, 2023 at 1:40pmWeb
Show threadTom Bellin May 1, 2023

@steventdennis The premise of Republican deregulation was always that the guys running the banks were smarter than normal people. And yet those smart guys didn't anticipate interest rate hikes that the Fed telegraphed for a year.

This, of course, is a simplification. These banks knew exactly what 1-2 years of interest rate hikes was going to do to their balance sheet, but they just went ahead maximizing short-term profits bc that's what everyone else was doing.

Show threadJohn GordonMay 1, 2023
@steventdennis @maxkennerly Yeah, the recent internal report (forget agency) basically points to Trump/GOP dereg midsize banks.
Show threadDarwin WoodkaMay 1, 2023
@steventdennis what's truly disturbing is all these recent bank failures are pretty much the result of low interest loans to the already wealthy. So all of us are simply paying outright for the rich to get richer. While they go buy yachts and do stock buybacks. The wealthy are not "building our economy", they're simply super predators now.